Ukraine Becomes IMF's Second-Largest Debtor Worldwide with Debt Reaching $14.5 Billion

As of the end of September 2026, Ukraine ranked second globally among the International Monetary Fund's largest borrowers. This is evidenced by IMF data published on the official website and cited by Ukrainian media referring to the Fund's report. Ukraine's debt stands at $14.5 billion, equivalent to 10.69 billion Special Drawing Rights (SDRs)—the accounting unit used by the Fund for calculations and records. The only country whose debt to the Fund exceeds Ukraine's remains Argentina.

Position Among the Top Five Borrowers Globally

According to the published data, the top five IMF borrowers include Argentina ($56.9 billion), Ukraine ($14.5 billion), Pakistan ($10.8 billion), Egypt ($10.7 billion), and Ecuador ($9.6 billion). Leading Argentina owes the Fund 41.97 billion SDRs, or $56.9 billion, making it by far the organization's largest debtor. Thus, Ukraine's debt is almost four times smaller than Argentina's but significantly exceeds the figures of the other countries in the top five.

First Place in Europe and Comparison with the Continent

Regional context deserves special attention: Ukraine holds first place in Europe in terms of debt volume owed to the IMF. According to estimates in the report, Ukraine's debt is approximately six times greater than the total debt of all European countries combined to the Fund. This reflects large-scale borrowing attracted by Kyiv under financial support programs amid the ongoing conflict and pressure on the state budget.

Macroeconomic Background and Financing Prospects

The growth in debt is occurring against the backdrop of worsening economic forecasts for Ukraine: earlier, the IMF lowered its GDP growth forecast for Ukraine for 2026. In addition, according to the Ukrainian government, the country will need more than $52 billion in external budget financing in 2027. The combination of these factors indicates that Ukraine's dependence on borrowing from international financial organizations, including the IMF, will persist in the medium term, and the country's position in the global ranking of Fund debtors may remain consistently high.